---
id: faq-0022
title: "What does it mean to refinance a car loan, and when should I consider it?"
category: faq
subtopic: financing
page_type: faq
source_url: "https://www.genesisofdownersgrove.com"
tags: ["financing", "refinancing", "loan"]
questions:
  - "What is refinancing?"
  - "Should I refinance my car loan?"
  - "Can I refinance through you?"
related: [financing-basics, apr, loan-terms]
dealer: Genesis of Downers Grove
---

Refinancing means replacing your current auto loan with a new one, usually to secure a lower interest rate, change your loan term, or adjust your monthly payment. If your credit score has improved since your purchase, or if market rates have dropped, refinancing can save you significant money.

While our primary focus is helping you buy or lease, we recommend speaking with your current lender or bank about refinancing options. If you're ready to upgrade to a new or pre-owned Genesis and refinance in the process, **call (630) 598-9950**-we're here to help you make the best move for your situation.